Gupta Challenges U.S. Wiretaps in Appeal

Former Goldman Sachs Director Says Rajaratnam Phone Records Shouldn't Have Been Used in His Insider-Trading Trial

By

Chad Bray

Updated May 21, 2013 6:03 p.m. ET

Rajat Gupta was convicted on insider-trading charges in part due to phone records that showed he finished a conference call with the board of Goldman Sachs Group Inc. and called a friend who was a hedge-fund manager, who moments later placed a profitable trade on Goldman stock.

His lawyer argued Tuesday it was merely a coincidence.

Mr. Gupta, in a bid to stay out of prison, is trying to convince a federal appeals court to set...